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Bitcoin

The Greedy Leading the Blind

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It’s very exciting to see pictures of shops in Japan and India that are now accepting Bitcoin. If you have any, feel free to tag me on social media. I’m starting a collection. 🙂

Here’s one of my favorite ones yet. This photo was taken by a Redditor in North Carolina.

Despite the American flag in the background and obviously American shops I still wanted to verify the authenticity of this, so here it is: https://www.crabtree-valley-mall.com/stores/bitcoin-dispensary

With end users now able to conveniently and instantly convert their government issued paper for real verifiable digital money now in the United States of America, the tipping point could be sooner than we think.

At the moment, there is less than $40 Billion worth of value being stored on the bitcoin blockchain.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures & graphs are valid as of June 2nd. All trading carries risk. Only risk capital you can afford to lose.

Market Overview

Though there are very few business leaders who agree with President Trump’s appalling decision last night, the stocks are rallying into fresh new all time record highs.

We know that Elon Musk and Bob Iger have quit the Trump Advisory Board, but that was to be expected. However, this time even the big bankers have turned against him. The CEOs of JP Morgan and Goldman Sachs have both come out strongly against the US’s withdrawal from the COP21 Paris Climate agreement.

Lloyd even used his first tweet ever to express his dismay in a language that Trump can understand…

It’s very strange to see the stock markets continue to move north. Perhaps with the polar ice caps about to melt they’re finding greener pastures. Of course, with the sea levels rising it makes sense that they’re searching for higher ground.

Here’s wall street reacting to Trump. All three major indices reached new record highs.

In a bizarre show of “the greedy leading the blind,” Asian stocks are also up today with the Nikkei hitting 20k for the first time since 2015. Even stranger is that China is the only one bucking the trend.

Strange because now that the USA is out, China is seen to be the leader of green energy innovation.

Countdown: 6 days

Theresa May seems to be taking the latest polls rather hard. The media continues to grill her about why she is not participating in any of the open debates and the Prime Minister is showing clear physical signs of fear.

Here, just watch this video…

http://www.mirror.co.uk/news/politics/you-cant-trust-polls-any-10541995

See what I mean??

There have been no major polls released in the last 12 hours so we eagerly await the next one. If Labour manages to gain any further ground or even take the lead in the polls we could see the Pound start to react.

So far the GBPUSD has been quite resilient to news about the election ever since it was announced on April 18th but you never know when that can change.

NFP Today

It seems like so much has happened over the past month. Today’s jobs announcement from the United States is expected to come out strong.

The labor market in the US is performing well as business confidence is picking up under Donald Trump. The official unemployment rate is just 4,4% at the moment. Analysts are expecting that a total of 180 to 185 Thousand jobs have been added in the month of May.

The final number will be published at 8:30 AM on Wall Street and should have a fair impact on the way the stocks end the week.

If the number comes out as expected the US Dollar’s reaction will likely be short lived, perhaps a few spikes on some of the major currency pairs.

At this point, the Fed are the ones driving the Dollar. Expectations are high that they will raise the interest rates on June 14th and today’s announcement will probably not cause any hesitation unless it comes out much much weaker than expected.

For now, the Fed fears only inflation, which is not acting according to their present models. The next inflation reading will actually be on the 14th, about 5 hours before the interest rate decision.

As always, feel free to contact me directly with any questions, comments, or feedback. Wishing you an amazing weekend!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.
Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 114 rated postsSenior Market Analyst at Etoro.com.




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3 Comments

3 Comments

  1. Gabriel

    June 2, 2017 at 12:20 pm

    That rise of all major indexes after the announcement made by Trump is simply an insult to next generations.

    • embersburnbrightly

      June 2, 2017 at 3:35 pm

      Agreed. One would think that what is good for humankind would be good for business; but it sadly appears that what is good for business in the short term might be catastrophic for humankind (and other species) in the long term.

  2. Crytokings

    June 2, 2017 at 4:06 pm

    Traders with a conscience! The old school way of thinking will be their ruin. The Trumps of the world days are numbered!

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Altcoins

Cryptocurrency Market Rebounds as Trade Volumes Recover from Yearly Low

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Cryptocurrency prices were seeing green Sunday, as market activity rebounded from the lowest level of the year with bitcoin and the major altcoins making tepid progress.

Crypto Market Update

Every cryptocurrency in the top-20 by market capitalization was trading in positive territory Sunday. As a result, the total market capitalization of all digital currencies rose by $6 billion to $254.5 billion. Bitcoin’s share of the pie remains roughly 43%.

The bitcoin price edged up 1.7% to $6,363, with the bulls continuing to defend the critical $6,000 level despite repeated downturns.

Ethereum, the no. 2 cryptocurrency by market cap, rose 2.4% to $447.

Bitcoin cash jumped 3% to $719. BCH has shown poise over the past five days even as accusations of node centralization continue to grow.

Ripple XRP rose 1.9% to $0.445. Meanwhile, EOS gained 2.4% to $7.13.

Volumes Hit 2018 Lows

Daily turnover in the cryptocurrency market bottomed fell to around $8.8 billion on Saturday, the lowest since November, according to CoinMarketCap data. Daily trade volumes rose by as much as 20% Sunday, reaching $10.5 billion. At the time of writing, 24-hour volumes were valued just under $9.9 billion.

Since the April downturn, trading volumes have thwarted multiple rally attempts for cryptocurrency prices. Daily turnover has crossed the $20 billion mark only once since June.

As Hacked previously reported, tepid volumes reflect a general decline in retail trading activity on major digital currency exchanges. This is further corroborated by the sharp drop in Google search results for terms like “bitcoin” and “cryptocurrency.” Basically, the half-year market downturn has spooked new traders from entering the market.

Amid the downturn, exchanges like Coinbase have reported a drop-off in app downloads as fewer traders show interest in buying cryptocurrency. Meanwhile, trading apps like Robinhood are still growing thanks to a suite of service offerings that extend far beyond cryptocurrency. Robinhood began offering cryptocurrency back in February but still maintains a thriving platform for traditional markets, such as stocks and ETFs.

Several leading exchanges have announced plans to relocate to jurisdictions with friendlier policies toward cryptocurrency. Malta, a tiny Mediterranean island state, has managed to lure Binance and OKEx to its shores thanks to favorable regulations.

As Hacked’s James Waggoner recently showed, much of the downturn in crypto trading activity has been associated with fears of a regulatory clampdown in jurisdictions like the United States and South Korea. In the case of China, those fears were realized last September when policymakers issued a blanket ban on cryptocurrencies and initial coin offerings.

However, a “tectonic shift” in regulatory thinking is currently underway, which could pave the way for a renewed uptrend in cryptocurrency markets. Case in point: the U.S. Securities and Exchange Commission (SEC) has declared bitcoin and Ethereum to be non-securities. So long as there is no conveyance of ownership, ICOs may also fall under this favorable regulatory purview.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 497 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Bitcoin

Where Do Bitcoins Go When They’re Lost?

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Although it could conceivably happen with any cryptocurrency, the conundrum of lost Bitcoins is the most common because of its market dominance and stratospheric rise in prices. Having been around since 2009, there has been a lot of time for people to lose track of where they put their Bitcoin or how to access their private key, and the result is a sizable portion of the existing money supply being assumed lost.

A Lot of Crazy Stories

Every few months there is a major news story about some dramatic way someone lost their Bitcoin or tried to recover it. The issue is that in the beginning, no one knew how much Bitcoin was going to be worth. At the prices they bought it at (early on), they had no incentive to put much thought into how they were going to store it.

This is how you end up with stories like the IT worker who wasn’t paying attention and threw out the wrong hard drive. Now he is trying to excavate the local landfill to find his approximately $117 worth of Bitcoin.

People have also gone through the trouble of hiring experts to crack their hardware storage device, or getting themselves hypnotized in order to remember their passphrase. With every wild story we hear, there are likely 100 more cases where someone either hasn’t realized they lost their Bitcoin yet, or haven’t announced it to the world as lost.

Identifying Lost Bitcoins

It is actually quite difficult to determine how many Bitcoins have been lost, since people are unlikely to report their errors to the world. Bitcoin can be lost in numerous ways: by sending to nonexistent addresses, losing the hard drives, forgetting passwords, or even something as morbid as someone dying without passing on the access to their private key.

Chainalysis specializes in analyzing the Bitcoin blockchain to track down criminals or tax evaders, but they also have performed a detailed analysis of the money supply. By looking at all the coins that have been held for a long period of time, and then examining how they reacted during forks in the blockchain where further action would normally have been required, they have been able to get a general estimate of the amount of Bitcoin that has been lost. Right now, it is estimated at $2 billion USD, but that number may vary as time goes on.

Much of this becomes educated guesswork. For example, the 1 million BTC that Satoshi Nakamoto holds and has never traded are assumed to be lost. No one knows what has become of those coins or whether they will surface again, so assumptions like this must be made.

A New Industry

With a limited amount of Bitcoins ever planned to be minted, these lost Bitcoin will become more and more coveted as time goes on. A whole cottage industry is beginning to spawn for the “treasure hunters” who seek to recover lost Bitcoin. With approximately $20 billion USD on the table, there is plenty of incentive for companies to find ways to recover this money.

As a result of the high potential payoff, professionals are starting to offer their services in recovering lost coins. It is possible to hire a password recovery experts or a data recovery specialist who will help you gain access to your missing funds. These skills were previously employed in recovering data on computers, but with Bitcoin’s unexpected rise in the last few years, there is now huge monetary compensation available to those who are good at it.

These professionals either charge a fixed fee or a percentage of the recovered funds, which could work out to be a very lucrative business. We know the market is big enough, but the question is how possible it is to recover much of the lost cryptocurrency.

As such, even with this new trend emerging, everyone should be taking the time to secure their cryptocurrency by making backups (hopefully multiple backups) and storing them in safe places. And although it sounds crazy, you would do well to consult a legal expert about formulating a solution that would give your family access to your Bitcoin if something ever happened to you.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Crypto Update: Bulls Hold Their Ground as Coins Settle Down

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Trading volumes and volatility declined substantially in the cryptocurrency segment this weekend, as the major coins are trying to hold the key support levels that are just below the current prices. For now, Bitcoin, Ethereum, and Ripple all managed to avoid a break below the June lows and the technical damage is limited among the smaller coins as well, despite the still dangerous setups on the long-term charts.

That said, the general character of the market is still bearish, with high correlations between the majors, and robust resistance levels capping the rally attempts in most cases. With all of those in mind, and given the still active short-term sell signals in our trend model, traders should still not enter new positions here, as a test of the lows is likely in the coming week.

The market is still missing a leadership that could turn the short-term trend around, and the relatively weak coins that have been leading the way lower in the recent period are still not showing signs of strength, despite the occasional short squeeze rallies.

BTC/USD, 4-Hour Chart Analysis

BTC tried to get back above the $6275 support/resistance level several times since falling below it on Thursday but the attempts all failed so far. The coin is still in a clear downtrend, although the previous lows haven’t been tested yet.

From a long-term perspective, a durable break below $5850 would signal a structural bear market, so the coming period will be crucial for the whole segment. Primary support is at $6000, while resistance is ahead at $6500, $6750, $7000, and $7350.

Still No Real Momentum Among Altcoins

ETH/USD, 4-Hour Chart Analysis

The basic setup among the largest altcoins is unchanged similarly to BTC, with Ethereum trading between the $400-$420 support zone and the $450 resistance level since the Monday plunge. The coin is holding up above the June low, and it’s still relatively strong from a longer-term standpoint compared to Bitcoin.

On the contrary, ETH is looking weak short-term, and that also points to the continuation of the declining segment-wide trend. ETH is facing further resistance near $500, while support below $400 is found at $380 and $360.

XRP/USDT, 4-Hour Chart Analysis

Ripple barely managed to avoid a break below the June lows, and the third largest coin remains very weak from a technical standpoint, and strong selling pressure is apparent in its market. The coin should stay above the $0.42 level to avoid major technical damage, and he coming days could be crucial for bulls, with strong resistance ahead around $0.45 and $0.51.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 291 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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